Reply to Is it cheaper to tear down our existing house and rebuild, or buy a new construction?

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Reply to "Is it cheaper to tear down our existing house and rebuild, or buy a new construction?"

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[quote=Anonymous][quote=Anonymous]You would spend the same ~500K out of pocket, the pp gave you the basic math. Why does it seem like it costs more?

the additional expense would be renting while your home is being build, however you won't have to pay builder/developer markup that can be 20-30% on new construction.  [/quote]

I see the builder's basic price structure, but when you look at the plans there are an awful lot of "optional" spaces included, without which the house probably isn't going to be worth the hypothetical 1.2. There is no information about how much these optional rooms would cost, or how much to upgrade finishes (lots of carpet featured instead of hard wood, for example), etc. So with this 500K, you would need to pay 100K for permitting and tear down (according to a PP), you'd need to pay at least 35K for a place to live during the build (and that figure seems conservative around here) and a few thousand for miscellaneous expenses like storing or moving your furniture twice. Can you really build a house that's going to be worth 1.2 for the remaining amount? [/quote]

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